GameStop Corp. is looking for a new CEO, just two years after hiring the current leader, Reuters reported on Monday.
The board is working with an executive headhunt to bring in a new CEO as the company shifts its focus from traditional retail to e-commerce.
Change is possible after Chewy Inc.
co-founder and former CEO Ryan Cohen joined GameStop’s board in January, and moves have changed the direction of the company. Cohen will become the company’s new chairman at the annual shareholder meeting June 9.
Current GameStop CEO, George Sherman, was hired in March 2019. Sherman is a veteran in the retail industry and served as Victra’s CEO.
Despite a struggling retail business, GameStop shares have soared this year, fueled by the once-insane trading of individual investors fueled by Reddit comments and social media posts. GameStop shares are up nearly 650% year over year and 2,877% over the past 12 months, even though it has fallen 10% on Monday after an analyst downgraded.